Question
In: Statistics and Probability
The Auto Trader lists thousands of cars for sale in a variety of marks and models....
The Auto Trader lists thousands of cars for sale in a variety of marks and models. A recent listing for Honda Civic LX Sedans shows the following price summary by year.
t for Price
Year. Regression (000)
2018 5 18.2
2017 4 17.5
2016 3 14.5
2015 2 10.7
2014 1 9.5
a) Sketch a scatter gram of Honda Civic Prices by year.
b) Draw a line through this data that you think best fits the data.
c) Calculate the formula for your line (estimate intercept and slope)
d)Use linear regression to calculate the slope and intercept and state the equation.
e)How close is your line to the one determined by linear regression.
f) Using the regression equation, what is your estimate for a used 2019 LX Civic?
G) Calculate the standard euro of the estimate.
Solutions
Expert Solution
a) Sketch a scatter gram of Honda Civic Prices by year.
b) Draw a line through this data that you think best fits the data.
c) Calculate the formula for your line (estimate intercept and slope)
d)Use linear regression to calculate the slope and intercept and state the equation.
First we have to construct below table, we get
| X | Y | X2 | Y2 | X*Y | |
| 2018 | 18.2 | 4072324 | 331.24 | 36727.6 | |
| 2017 | 17.5 | 4068289 | 306.25 | 35297.5 | |
| 2016 | 14.5 | 4064256 | 210.25 | 29232 | |
| 2015 | 10.7 | 4060225 | 114.49 | 21560.5 | |
| 2014 | 9.5 | 4056196 | 90.25 | 19133 | |
| Total |
 =10080 |
 =70.4 |
 =20321290 |
 =1052.48 |
 =141950.6 |
Now we have to determine SSxy, SSx, Xbar, Ybar, Slope (b) and Intercept (a)
Therefore, regression equation is,
f) Using the regression equation, what is your estimate for a used 2019 LX Civic?
What is the predicted value 
when X = 2019, using equation (I), we get
G) Calculate the standard euro of the estimate.: Something is wrong in this section. What does mean euro????
orchestra answered 1 year agoRelated Solutions
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